"It faces a lethal combination of challenges, from falling number of letters being sent to potentially one of the worst pension positions in UK corporate history, " the briefing said.

BBC: Royal Mail worker

While the quantity of letters sent is falling, the number of parcels being mailed is growing due to the rapid spread of online shopping and sites like eBay.

BBC: How much does Royal Mail make from undelivered parcels?

When his characters had to speak he would draw with a mirror beside him, giving them the lines of his own mouth making letters and his own eyebrows rising and falling.

ECONOMIST: Ollie Johnston | The